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Home My WebLink About1990 & 1989 FIFD FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS Independent Auditor's Report EXHIBIT A - Balance Sheets EXHIBIT B - Statements of Revenue and Expenses EXHIBIT C - Statements of Fund Balance EXHIBIT D - Statements of Cash Flows - Notes to Financial Statements SCHEDULE 1 - Theatre and Airfield Schedule of Revenue and Expenses DOHERTY. BEALS & BANKS. P. C. (203)443-2033 DOHERTY, BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON.CONNECTICUT 06320 May 13, 1991 Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPORT we have audited the accompanying Balance Sheets of the Fishers Island Ferry District as of December 31, 1990, and 1989, and the related Statements of Revenue and Expenses, Fund Balance, and Cash Flows for the years then ended. These financial statements are the responsibility of the Fishers Island Ferry District's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and governmental audit standards. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examininq, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fishers Island Ferry District as of December 31 , 1990, and 1989, and the results of its operations for the years then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Theatre and Airfield Schedule of Revenue and Expenses is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Yours truly, i DOHERTY, BEATS & BANKS, P.C. SLG:pl Enclosures EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31, 1990 AND 1989 ASSETS 1990 1989 CURRENT ASSETS: Cash in Banks $ 792,294 $ 811,665 Imprest Funds 1 ,450 1 ,450 Special Cash Deposits 531 106 Grant Receivable 195,328 -0- Traffic and Car Prepayments 4,668 -0- Prepaid Expenses 37,877 61 ,208 Total Current Assets $1 ,032,148 $ 874,429 PROPERTY, PLANT, AND EQUIPMENT: Property, Plant, and Equipment $4,559,315 $4,268,977 Less: Accumulated Depreciation (1 ,271 ,222) (1 ,123,969) Total Property, Plant and Equipment $3,288,093 $3,145,008 TOTAL ASSETS $4,320,241 $4,019,437 LIABILITIES AND FUND BALANCE CURRENT LIABILITIES: Accounts Payable $ 64,783 $ 4,290 Traffic and Car -0- 347 Deferred Property Tax Revenue 25,524 -0- Current Portion Bonds Payable 60,000 60,000 Total Current Liabilities $ 150,307 $ 64,637 LONG-TERM LIABILITIES: Bonds Payable (Net of Current Portion Above) 585,000 645,000 TOTAL LIABILITIES $ 735,307 $ 709,637 FUND BALANCE: (Exhibit C) 3,584,934 3,309,800 TOTAL LIABILITIES AND FUND BALANCE $4,320,241 $4,019,437 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY, BEALS & BANKS. P. C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT STATEMENT OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31 , 1990 AND 1989 1990 1989 OPERATING REVENUE: Ferry Service Revenue $ 803,318 $ 856,457 Charter Service 86,634 96,451 Mail Revenue 14,814 13,962 Miscellaneous Voyage Revenue 12,642 7,922 Total Operating Revenue $ 917,408 $ 974,792 OPERATING EXPENSES: Crew and Purser Salaries $ 346,474 $ 326,881 Fuels and Lubricants 100,586 91 ,014 Vessel Maintenance 40,961 40,443 Building and Equipment Maintenance 20,032 14,285 Supplies 12,637 12,412 Other Terminal Expense 6,618 4,475 Local Transfers 3,550 3,300 Other Vessel Expense -0- 896 Commissioners' and Manager's Salaries 58,996 55,025 Clerical Salaries 30,615 28,520 Insurance Expense 151 ,073 155,806 Payroll Taxes 32,748 30,285 Pensions 7,616 16,805 Utilities 13,096 9,006 Property Taxes 8,716 4,304 Legal and Accounting 4,860 5,719 Office Supplies 7,585 4,830 Stationery and Printing 6,260 3,248 Other General Expense 660 -0- Total Operating Expense $ 853,083 $ 807,254 EXCESS REVENUES OVER EXPENSES FROM VESSEL OPERATIONS BEFORE DEPRECIATION $ 64,325 $ 167,538 Less Depreciation (143,096) (119,241 ) EXCESS REVENUES OVER EXPENSES (DEFICIT) FROM VESSEL OPERATIONS $ (78,771 ) $ 48,297 OTHER REVENUE AND EXPENSES: Property Tax Revenue $ 127,400 $ 133,201 Interest Income 59,612 59,142 Grant Revenue 226,792 226,771 Theatre Revenue (Deficit) (Net) (Schedule 1 ) 1 ,882 (12,105) Airfield Deficit (Net) (Schedule 1 ) (7,987) (5,354) Interest Expenses (53,794) (57,528) Total Other Revenue and Expenses $ 353,905_ $ 344,127 EXCESS REVENUES OVER EXPENSES $ 275,134 $ 392,424 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY, BEALS & BANKS. P. C. EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31 , 1990 AND 1989 1990 1989 FUND BALANCE _ BEGINNING $3,309,800 $2,917,376 EXCESS REVENUE OVER EXPENDITURES (Exhibit B) 275,134 392,424 FUND BALANCE - ENDING $3,584,934 $3,309,800 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FLAWS FOR THE YEARS ENDED DECEMBER 31 , 1990 AND 1989 1990 1989 CASH FLAWS FROM OPERATING ACTIVITIES: Excess Revenue Over Expenses - Per Exhibit B $ 275,134 $ 392,424 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Depreciation - Operating 143,096 119,241 Depreciation - Airfield 4,158 5,959 Change in Current Assets and Liabilities: (Increase) Decrease in Receivables (199,997) -0- (Increase) Decrease in Prepaid Expenses 23,331 (960) Increase (Decrease) in Accounts Payable 60,493 (10,376) Increase (Decrease) in Other Liabilities 25,177 (3,446) Net Cash Provided By Operating Activities $ 331 ,392 $ 502,842 CASH FLAWS FROM INVESTING ACTIVITIES: Improvements to Property, Plant and Equipment $ '(290,338) $ (364,160) CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in Bonds Payable $ (60,000) $ (60,000) NET INCREASE (DECREASE) IN CASH $ (18,946) $ 78,682 CASH BALANCE BEGINNING 813,221 734,539 CASH BALANCE END $ 794,275 $ 813,221 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY, BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31 , 1990 AND 1989 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Fishers Island Ferry District operates through the Town of Southold as an organization exempt from income tax. The Fishers Island Ferry District's function is to provide residents of Fishers Island with transportation to and from Fishers Island, New York and New London, Connecticut. BASIS OF ACCOUNTING: The Fishers Island Ferry District uses the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. CASH EQUIVALENTS: Cash Equivalents as used in the Statement of Cash Flows (Exhibit D) are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash. DEPRECIATION• Depreciation of property and equipment is charged to income over their estimated lives by using the straight-line method. Depreciation for the years ended December 31 , 1990, and 1989, is $147,254 and $125,200 respectively. PENSION• The Fishers Island Ferry District contributed to the New York State Employees Retirement System for substantially all full-time employees. Pension expense for the years ended December 31 , 1990, and 1989, is $7,616 and $16,805 respectively. DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1990 AND 1989 (PAGE 2) 2. BONDS PAYABLE: 1990 1989 Munnatucket Debt Service: Serial Bonds maturing and payable annually with interest at 5.9% per annum. $ 245,000 $ 280,000 Race Point Debt Service: Serial Bonds maturing and payable annually with interest at 9.1% per annum. 400,000 425,000 Total Bonds Payable $ 645,000 $ 705,000 The following are the maturities of bonds payable for each of the next five years. 1991 $ 60,000 1992 60,000 1993 60,000 1994 60,000 1995 60,000 3. GRANT REVENUE: 1990 1989 Federal Aviation Administration Grant: The Fishers Island Ferry District received funds from the Federal Aviation Administration for reimbursement of expenditures to study the airport's traffic and prepare an airport layout plan in - 1989 and engineering and construction in 1990. Grant Amount $ 226,792 $ 26,771 New York State Department of Transportation Grant: The Fishers Island Ferry District received funds from the New York State Department of Trans- portation for Harbor and Dock improvements in the Fishers Island Ferry District. Grant Amount —0- 200,000 Total Grant Revenue $ 226,792 $ 226,771 DOHERTY, BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31 , 1990 AND 1989 (PAGE 3) 4. PROPERTY, PLANT AND MIPMENT: Property, plant and equipment consists of the following classes of assets: 1990 1989 LAND $ 41,717 $ 41,717 DOCKS AND DOLPHINS 725,374 725,374 VESSEL - MUNNATAUKET 904,357 904,357 VESSEL - RACE POINT 1 ,398,012 1 ,398,012 BUILDINGS AND IMPROVIIMENTS 1 ,402,273 1 ,152,798 OFFICE EQUIPMENT 59,807 18,945 TERMINAL EQUIPMENT 27,775 27,775 Total Cost $4,559,315 $4,268,977 5. CONTINGENT LIABILITY - _ As a result of a 1986 plane crash at the Fishers Island Ferry District's airport, a number of lawsuits have been initiated. The Ferry District's legal counsel was consulted and is under the opinion that there is a remote possibility of a future liability to the Ferry District, but that any liability incurred for damages would not exceed the insurance coverage. DOHERTY, BEALS & BANKS. P. C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT THEATRE AND AIRFIELD SCHEDULE OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31 , 1990 AND 1989 1990 1989 THEATRE OPERATION THEATRE REVENUE $ 15,025 $ 14,403 THEATRE EXPENSES: Film Rental $ 6,708 $ 6,072 Payroll 4,889 4,659 Utilities 462 693 Repairs and Maintenance 797 15,037 Miscellaneous 287 47 Total Expenses $ 13,143 $ 26,508 THEATRE REVENUE (DEFICIT) $ 1 ,882 $ (12,105) AIRFIELD OPERATION AIRFIELD REVENUE $ 11,845 $ 16,851 AIRFIELD EXPENSES: - Repairs and Maintenance $ 7,510 $ 10,453 Insurance 6,500 5,500 - Utilities 914 293 Miscellaneous 750 -0- Depreciation 4,158 5,959 Total Expense $ 19,832 $ 22,205 AIRFIELD REVENUE (DEFICIT) $ (7,987) $ (5,354) (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C.